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September 2011 Ur-Energy Corporate Presentation

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Disclaimer<br />This presentation contains “forward-looking statements,” within the meaning of applicable securities laws, regarding events or conditions that may occur in the future. Such statements include without limitation the long term effects on the uranium market of recent events in Japan; the Company’s timeframe for events leading to and culminating in the commencement of production at Lost Creek; the technical and economic viability of the Lost Creek Project (including the projections contained in the preliminary analysis of economics of the Lost Creek Project); receipt of (and related timing of) Wyoming Department of Environmental Quality Permit and License to Mine, Record of Decision from the U.S. Bureau of Land Management, and all other necessary permits related to the Lost Creek Project; the Lost Creek Project will advance to production and the production timeline; production rates, timetables and methods of recovery at the Lost Creek Project; the Company’s procurement and construction plans at the Lost Creek Project; the ability to complete additional favorable uranium sales agreements; the potential of exploration targets on the LC North and LC South and on the Lost Creek Project area outside the current Lost Creek resource area; and the further exploration, development and permitting of exploration projects including Lost Soldier, the exploration properties in Nebraska, and Screech Lake. With regard to discussion of the potential of exploration targets, at LC North, LC South and on the Lost Creek Project outside the current resource area, it should be noted that there has been insufficient exploration yet to define a mineral resource at these exploration targets. Further, it is uncertain if additional exploration will result in the exploration targets being delineated as a mineral resource. These statements are based on current expectations that, while considered reasonable by management at this time, inherently involve a number of significant business, economic and competitive risks, uncertainties and contingencies. Numerous factors could cause actual events to differ materially from those in the forward-looking statements. Factors that could cause such differences, without limiting the generality of the following, include: risks inherent in exploration activities; volatility and sensitivity to market prices for uranium; volatility and sensitivity to capital market fluctuations; the impact of exploration competition; the ability to raise funds through private or public equity financings; imprecision in resource and reserve estimates; environmental and safety risks including increased regulatory burdens; unexpected geological or hydrological conditions; a possible deterioration in political support for nuclear energy; changes in government regulations and policies, including trade laws and policies; demand for nuclear power; weather and other natural phenomena; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; and other exploration, development, operating, financial market and regulatory risks. Although Ur-Energy Inc. believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this presentation. Ur-Energy Inc. disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. <br />Cautionary Note Regarding Projections: Similarly, this presentation also may contain projections relating to an extended future period and, accordingly, the estimates and assumptions underlying the projections are inherently highly uncertain, based on events that have not taken place, and are subject to significant economic, financial, regulatory, competitive and other uncertainties and contingencies beyond the control of Ur-Energy Inc. Further, given the nature of the Company's business and industry that is subject to a number of significant risk factors, there can be no assurance that the projections can be or will be realized. It is probable that the actual results and outcomes will differ, possibly materially, from those projected. <br />The attention of investors is drawn to the Risk Factors set out in the Company's Annual Information Form and Annual Report on Form 40-F, dated March 17, 2011, which are filed, respectively, with the regulatory authorities in Canada on SEDAR and with the U.S. Securities and Exchange Commission on EDGAR. (www.sedar.com and http://www.sec.gov/edgar.shtml)<br />Cautionary Note to U.S. Investors Concerning Estimates of Measured, Indicated or Inferred Resources: the information presented uses the terms "measured", "indicated" and "inferred" mineral resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize these terms. United States investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted into mineral reserves. United States investors are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally minable.<br />John Cooper, SME Registered Member, a Professional Geologist, and Qualified Person as defined by National Instrument 43-101, reviewed the technical information contained in this presentation.<br />2<br />

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Post-Fukushima Nuclear Remains Positive*<br />HEU Agreement to expire 2013<br />Provides 13% of World and 45% of US Annual Supply<br />63 reactors remain under construction<br />Six planned to start operation in 2011<br />Fourteen planned to start operation in 2012<br />Russia, China and India represent 50% of new build and have reaffirmed support for nuclear power<br />Saudi Arabia announced plans to build 16 reactors<br />United Kingdom announced plans to build 8 reactors<br />France announced a $1.43B investment in nuclear power<br />United States maintains support of $36B federal loan guarantees for up to 8 new reactors<br />10<br />*According to World Nuclear Association<br />